Choosing a Property Manager in Vancouver

So you’ve made the leap and invested in a piece of Vancouver real estate. You love the idea of renting it out and turning your investment into a long run money-maker. Now what?

The first step to being a successful landlord is having a professional Property Manager on your team to oversee the details. There’s a lot to think about when it comes to dealing with tenants, and a good Property Manager will help you navigate those waters.

How do you know which Property Manager is for you?

It all starts with credentials. Find one that suits your particular needs. Keep in mind what type of investment you’ve made and ensure you’ve chosen a Property Manager who deals in that kind of real estate. It’s important to interview a few to get a feel for how they work – and how they’ll work with you. Make a personality match with someone you feel comfortable being completely honest around. And always research their company’s background! You want one that has an established reputation and experience.

Be prepared with questions.

Think of it like an interview. You’re hiring them, so you want to know very specifically what they can do for you. Make a checklist prior to meeting your potential Property Manager and ask the hard questions:

How aggressively do they advertise vacancies?

How do they handle showing the property? Their screening process will say a lot about the quality of tenant you’ll be getting.

How do they collect past-due rent, control maintenance costs, and handle emergencies?

Inquire about their fee structure up front, as well as what type of liability insurance they have to protect you as the property owner.

Essentially, you want to receive the most amount of services for the least amount of commission while keeping integrity in mind.

Like any good business partner your Property Manager and their company is working with you, not the other guy; in this case, the tenant. As long as contracts are clear and lines of communication are open, you should have a successful investment on hand with a partner who’s got your back.

NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board, Vancouver real estate board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy